The controversy that Twitter drags with Elon Musk is far from coming to an end, in fact, it still lies ahead an intense legal battle which, at the moment, seems to lean in favor of the well-known social network, although it is still early to draw conclusions, since nobody really knows what will happen. The CEO of Tesla may escape having to complete the purchase operation, but if this happens, it is also likely that he will have to pay some kind of indemnity or compensation for the damages he has caused to Twitter.
According to the latest results published by Twitter, relating to the second quarter of 2022, the social network considerably improved its share of users, but this did not allow it to obtain more money. Revenue for that quarter amounted to $1.18 billion, a figure that represents a slight fall both quarter over quarter and year over year. It’s funny because their average monetizable user activity increased by 16.6% compared to the second quarter of 2021, and reached 237.8 million globally.
It’s important to note that while $1.18 billion is an impressive figure when it comes to revenue, Twitter’s expenses in the second quarter of the year totaled $1.52 billion, a figure that represents a 31% year-over-year increase. In total, the social network had a net loss of 270 million dollars, of which 33 million are associated with the purchase operation that the company has pending, and that Elon Musk refuses to complete. In the second quarter of 2021, Twitter’s results were $66 million in net profit.
Twitter has recognized that the drop in income this quarter is due to several reasons, but has highlighted that one of the most important has been all the controversy surrounding the purchase operation by Elon Musk, which made the social network less attractive to advertisersyes It has also pointed directly to the situation of the global economy, the limitations that Apple imposed in the face of monitoring users and the uncertainty about the evolution of the conflict between Ukraine and Russia.
The social network has also confirmed that will not celebrate any type of event dedicated to the results of this quarter due to the situation in which the purchase operation finds itself, and due to the legal conflict that confronts Elon Musk.